Stock Groups

Walgreens, Baidu, Novavax and others

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Take a look at the top companies that made headlines long before the bell rang.

Walgreens (WBA) – The drug store operator reported an adjusted quarterly profit of $1.59 per share, 19 cents above estimates, with revenue also topping Wall Street forecasts. Due to the demand for Covid vaccines, comparable pharmacy sales rose 7.3%. Walgreens shares rose initially in the premarket, but they lost their gains after that and fell negative.

Baidu (BIDU) – Baidu lost 2.2% in premarket trading after the SEC added the search engine company to its list of U.S.-traded China stocks that could be delisted if they don’t allow American regulators to review three years’ worth of financial audits. Online entertainment company iQYI(IQ), whose shares dropped 6.6%, was also included to this list.

Novavax (NVAX) – The drug maker’s shares gained 1.3% in premarket trading after it asked EU regulators to clear its Covid-19 vaccine for use in teenagers.

Advanced Micro Devices (AMD) – Advanced Micro Devices was downgraded to “equal weight” from “overweight” at Barclays, which points to cyclical risk in several different end markets for the semiconductor maker. In premarket action, AMD lost 2.2%.

HP Inc. (HPQ), Dell Technologies (DELL) – Morgan Stanley downgraded both computer equipment makers, predicting companies will shift spending away from hardware due to macroeconomic uncertainty. Both HP and Dell were reduced to “underweight” (from “equalweight”), while Dell was dropped to “equalweight” (from “overweight”). In premarket trading HP lost 4.5% while Dell suffered a 2.6% loss.

Kinross Gold (KGC) – The gold mining company is in talks to sell a Russian mine to Russia-backed investment firm Fortiana Holdings, according to people familiar with the matter who spoke to The Wall Street Journal. The sale would be the Western’s first of an asset that was left in Russia.

Amylyx Pharmaceuticals (AMLX) – An FDA panel voted against recommending the approval of an experimental ALS drug developed by Amylyx. Panel members stated that study data had not shown the drug is effective against the disease. Amylyx increased by 2.5% after erasing early premarket losses.

Robinhood Markets (HOOD) – Robinhood won a favorable ruling in a Massachusetts case, with a judge deciding the state overstepped its authority in adopting a new fiduciary standard for brokerages operating in the state. Regulators had accused the brokerage firm of inducing its clients to take unneeded risks.

Expensify (EXFY) – Expensify tumbled 14.3% in the premarket after the online expense management company reported a lower-than-expected quarterly profit and issued a weaker-than-expected revenue forecast for the current quarter.

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